I inherited portion of a friend's IRA. I was told to open a Inherited IRA, which I did. I have now been informed that the attorney handling the estate liquidated the IRA account and is sending me a check and preparing a K-1.
That K-1 will now have to go on my tax return as income. Will I have to pay taxes now? I still plan to deposit all the money into the Inherited IRA account I was told to open by my financial advisor.
